Sovereign Gold Bond Scheme 2023-24
Context:
The Centre notified that two tranches of Sovereign Gold Bonds will be launched in the first half of FY24.
About Sovereign Gold Bond Scheme:
- It was launched by the Government in November 2015, under Gold Monetisation Scheme.
- Objective: To reduce the demand for physical gold and shift a part of the domestic savings – used for the purchase of gold – into financial savings.
- The SGBs will be sold through Scheduled Commercial banks (except Small Finance Banks, Payment Banks and Regional Rural Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges — National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
- SGBs shall be eligible for trading.
- Issued by: RBI on behalf of the Government of India
- Eligibility: Restricted to resident individuals, Hindu undivided Family (HUFs), Trusts, Universities, and Charitable Institutions.
- Tenor: 8 years with an option for premature redemption after 5th year
- Minimum size: 1 gram of gold
- Maximum limit:
- Individuals: 4 Kg per fiscal year;
- HUFs: 4 Kg per fiscal year;
- Trusts and similar entities: 20 Kg per fiscal year